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Once the existing leases run out, and after getting approvals, the new owner plans to start renovations.

The Singapore-incorporated ANB Investment, the family office for the Pangestus, also owns four shophouses at 99 to 102 Amoy Street, and a 30,000 sq ft residential building at 6 Sarkies Road, near Newton MRT Station, which it has leased to co-living start-up Hmlet.

TRANSACTION

Separately, a four-storey freehold commercial building near the corner of Kampong Bahru Road and Neil Road has been transacted for $22.58 million.

The property, which is officially named Dimensions Building, is on a site of about 3,400 sq ft that is zoned for commercial use.

The buyer is understood to be Chinese citizen and Singapore permanent resident Zhao Xuehao, who earlier this year also bought 75 Amoy Street, a conservation shophouse, for slightly over $18 million.